Therma Visayas Inc, a subsidiary of Philippine holding firm Aboitiz Power Corp, obtained a total of $709.1 million (P31.97 billion) loans and credit accommodations from lender-banks to finance the construction of a 300 MW coal-fired power plant.
Aboitiz informed the stock exchange on Friday that Therma Visayas signed an Omnibus Agreement with a consortium of lender-banks to secure the loan.
The power plant that Therma Visayas plans to finance will be built at Barangay Bato, Toledo City, in Cebu.
First Metro Investment Corporation acted as lead arranger and sole bookrunner in the transaction, while BDO Unibank Inc – Trust and Investments Group, was appointed as trustee and project loan facility agent.
Aboitiz Power’s last trading price increased 1.12 per cent or P0.50 to close at P44.95 on Friday.